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Article: Oil Majors' 1st-Quarter Earnings Shoot Up; Higher Crude Prices Leave Exxon Mobil, Others Awash in Cash
- Article from:
- The Washington Post
- Article date:
- April 29, 2005
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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As consumers struggle with high gasoline prices, Exxon Mobil Corp.
announced yesterday that its revenue totaled more than $82 billion in
the first three months of the year.
The world's largest publicly traded oil company boosted its profit
by 44 percent, to $7.86 billion, from the corresponding quarter a
year ago. That left Exxon with a cash hoard of $30 billion.
Other oil companies' profits are surging as well, leaving them
with piles of cash. "There's an embarrassment of riches now that is
unavoidable," said Lawrence J. Goldstein, president of the New York-
based Petroleum Industry Research Foundation Inc.
Exxon Mobil pumped an average of about 2.54 million barrels of oil
a day last ...